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National Crime Agency (NCA) seize property using Unexplained Wealth Orders

Since 2018, the Criminal Finances Act, gave the possibility to the NCA to invoke (under court approval) Unexplained Wealth Orders (UWO) to seize assets worth more than £50.000 in cases of discrepancies between income and results of analysis.

The orders were referring to 3 London based residential high end properties which were bought by offshore companies.

The aforementioned companies were linked to a political exposed individual with alleged links to criminal offences.

The NCA noted that such sort of schemes have been identified to be widely used by Russian launderers.

Source

https://apnews.com/b866286010fa4bc6af3b78c3299226a6

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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